Technical analysis of USD/CAD for July 17, 2015

General overview for 17/07/2015:

Impulsive wave progression to the upside has not been completed yet. The last wave up labeled as wave (v) blue is currently in progress, with the projected target at the level of 1.3018. Only a sustained breakout below the level of 12886 would invalidate this view.

Support/Resistance:

1.3018 – WR3

1.2973 – Intraday Resistance

1.2897 – WR2

1.2886 – Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders if the level of 1.2973 is violated, with TP at the level of 1.3018 and SL at the level of 1.2945.